I remember watching a video of Michael Dell, founder of Dell Computer, on youtube where he was asked the kind of business he would go into if he was to start afresh. His response was to look for an inefficient market, and go into it.

Looking at Nigeria today, you don't need anyone to tell you that we have one of the most inefficient Foreign Exchange Markets in the world. The interbank rate for USD is currently at N320 while the parallel market is N470.

A part of me believes that this market has remained the way it is because certain "highly placed and connected individuals" are profiting from the system. However true this may seem, the situation offers a lot of opportunities for those who are willing to do the work.

My foray for a solution to this situation led me to a great opportunity. One which earns me revenues denominated in foreign currency, so as the value of the Naira falls further, I earn more of it.

I'm willing to share this with those who are interested, but at a price. Whatever you enjoy for free today, someone paid for it.

Most of you have heard about it, some of you are using it already, I'm talking about the most popular Cryptocurrency, Bitcoin.

I will share the first of four parts of the information here.

#BizOppNaija

BUSINESS in NIGERIA has taken a hit since the year 2015, largely attributed to falling oil prices that have greatly reduced the country's revenue from sale of crude oil, while increasing demand for foreign currency has depleted the country's foreign reserves.

Demand for foreign currency rising above the revenue from exports, the government in a bid to protect the depleting foreign reserve, employed measures to ration available foreign currency. The result is shortage of US Dollars for imports, travelers, medical tourism etc, hoarding by currency speculators, and a steep difference between the official interbank FX rate and the parallel market rates.

Increase in virtually every input of production, increase in prices, inflation, reduction in business activities, companies lay off workers, increasing unemployment rate, and eventually economic recession.

A Business Opportunity is a packaged business product that allows the buyer to begin a business almost immediately. It comes with recognition of the need, means to fulfill the need, method to apply means to fulfill the need, and a method to benefit.

According to Wikipedia, a business opportunity has 4 elements namely:

1. A need
2. The Means to fulfill the need
3. A method to apply the means to fulfill the need
4. A method to benefit

As earlier stated, I will cover the first part, The Need, and highlight the opportunities they present to those who are willing and ready to take advantage of them.

An effective Business Opportunity should capture the above listed, and proffer a solution that is fit for purpose.

Let us for a second consider the obvious problems plaguing the country

PROBLEMS OPPORTUNITIES
1. FALLING OIL PRICES ---------------> OVER DEPENDENCE ON OIL - ABOUT 80% OF FG REVENUE
2. UNSTABLE OIL EXPORTS -------------> NIGER DELTA MILITANTS
3. REDUCTION IN EXPORT EARNINGS -----> FALLING OIL PRICES + REDUCTION IN EXPORTS
4. DEPLETING FOREIGN RESERVES -------> REDUCTION IN EXPORT EARNINGS/ MISMANAGEMENT OF EARNINGS
5. LIQUIDITY CRUNCH IN FX MARKET ----> LOW EXPORT EARNINGS/ DEPLETING FOREIGN RESERVES/ HOARDING OF FX
6. RISING VALUE OF FOREX ------------> SHORTAGE OF FX SUPPLY
7. INCREASING PRICES OF GOODS -------> HIGH COST OF FOREX, PRODUCTION INPUTS
8. STEEP DIFFERENCE IN FX MKT RATES -> SHORTAGE OF FX SUPPLY
9. INFLATION ------------------------> HIGH COST OF FX/ PRODUCTION INPUT
10. COMPANIES SHUTTING DOWN ---------> LOW PATRONAGE
11. WORKERS LAID OFF ----------------> COMPANIES RECORDING LOSES/ LOW PATRONAGE
12. INCREASING UNEMPLOYMENT ---------> WORKERS LAID OFF/ COMPANIES SHUTTING DOWN/ INACCESSIBILITY OF CAPITAL
13. FAILING INFRASTRUCTURE ----------> MISMANAGEMENT OF FUNDS/ FAILURE TO PLAN
14. ECONOMIC RECESSION --------------> ALL OF THE ABOVE LISTED PROBLEMS

Looking at the right hand side of the problems, most of you will see the causes, but I see them as opportunities because that is what they are.

Like the Biblical Noah, the water that drowned the whole world was instrumental in drifting his ark to safety. So what was problematic to the others was actually his opportunity.

So what are the obvious opportunities?

1. Over-dependence on a particular income stream

Believe it or not, that's the root cause of the problems we're currently facing. Others are

2. Inaccessibility of capital

3. Mismanagement of earnings/ failure to plan

At the heart of diagnosing a problem is investigation into its root cause, and you would probably discover an unmet need.

Over-dependence on a particular income stream

This sums up the story of Nigeria after the discovery of oil. Total dependence on a particular income stream. This is true for a lot of people today. And as the country grapples with lower prices of its prime income stream, crude oil, it is becoming increasingly difficult to meet up with its financial obligations.

For households with the same problem, the result is the same. Fixed income against increasing prices of goods and services, with no end in sight. The simple solution is to accommodate at least an additional income stream.

Let us look at the reasons people give for not having an additional income stream

1. No time. As busy as we all seem, with proper planning and time management, we can allocate time to any activity that we consider important. What if I were to tell you that this business opportunity would cost you less than 15 minutes a day. That is very true because the bulk of the work needed has being done by someone else, and the result is a packaged product delivered to you.

2. No capital. I hear this a lot of time. No money to embark on that new business. Yes you need capital to start this one, but it is one that virtually anyone can afford. We're talking about something that a student can confidently afford. If you think I'm talking about Network marketing, you are wrong. Much as I don't find any issues with it, this isn't about network marketing.

3. Being risk averse. Lots of people do not like risks and uncertainty, that's their reason for avoiding business. This is a valid reason, however, the risk associated with this offering is purely based on you. What you decide to do with the tools acquired is up to you. I can guarantee you that the returns are much greater than the risk, and that's because someone else has done the dirty work.

We're talking about an industry that has a market capitalization of over 33% of NSE market cap. And just about anyone can be a part of it.

I'll give opportunity for those who might have other reasons not stated here. Let's know your reasons for sticking to one income stream.

Not every business opportunity is capital intensive, especially for this. What will this cost you? From nothing to hundreds of thousands. You'll of course need first to understand what you're going into and the risks involved.

For Mismanagement of earnings/ failure to plan, now is the best time to start planning. An alternative income stream that fits into your schedule is worth your while.

That said, I did mention that the size of this market is over a third of the NSE. It is actually valued at about $10bn. Yes, I'm talking about the Bitcoin economy, and this has continued to grow in size, value, participation, and acceptance.

Bitcoin is a cryptocurrency, ie digital currency that exhibits virtually all of characteristics of money

i. Medium of Exchange
ii. Unit of Account
iii. Standard of Deferred Payment
iv. Store of Value

Earnings from Bitcoin appreciation is subject to tax by the American government, implying that it is considered as an asset class.

There are inherent opportunities and these will be shared for those interested.

You can reach me from my signature